South Korean stocks extended gains late Friday morning as institutions turned buyers offsetting foreign selling. The benchmark Korea Composite Stock Price Index rose 13.14 points, or 0.55 percent, to 2,386.28 as of 11:20 a.m.The main index rose for a second consecutive session after a week-long losing streak due to foreign selling. Foreigners continued to sell local stocks for a fifth straight session, offloading about 830 billion won ($725 million) stocks in the past four sessions amid ris

South Korea's financial authorities said Friday they will ban all forms of initial coin offerings, joining a wave of global regulations against the popular fundraising scheme with cryptocurrencies. The decision came after a meeting of senior officials from relevant ministries, led by the Financial Services Commission, the regulator said in a statement. Initial coin offerings allow start-ups or individuals to raise funds by offering cryptocurrencies. It has fueled a surge in values of digital cur

Retail sales in South Korea increased 4.3 percent in August from a year earlier, driven by strong sales posted by online malls and convenience stores, government data showed Friday.Sales of 13 major online stores and marketplaces jumped 13.1 percent on-year last month as more people bought airline tickets and travel packages, as well as clothing and fashion items via the Internet, according to the data from the Ministry of Trade, Industry and Energy.In contrast, sales of 13 offline-based retaile

South Korea's current account surplus widened last month from a year earlier thanks to brisk semiconductor exports, central bank data showed Friday.The country's current account surplus reached $6.06 billion in August, compared with a surplus of $5.03 billion a year earlier, according to the preliminary data from the Bank of Korea.The figure represents a surplus for 66 months in a row. The current account is the biggest measure of cross-border trade. The goods account surplus widened to $9.

South Korean stocks opened higher Friday on a wave of bargain hunting. The Korean won rose against the dollar. The benchmark Korea Composite Stock Price Index rose 10.04 points, or 0.42 percent, to 2,383.18 in the first 25 minutes of trading.Foreigners became net buyers after dumping more than 830 billion won ($725 million) worth of stocks in the past four sessions due mainly to rising tensions between North Korea and the United States over the former's nuclear and missile development programs.&

One in 5 new businesses that opened last year were owned by young people (classified as those in their late teens, 20s, 30s), data by the National Tax Service showed.The most preferred establishments were mail-order businesses, restaurants and commodities brokerages.A majority, or 56.7 percent, of the young and new business owners were men. But there were more women among new business owners aged 20 and 21. By sustainability, manufacturing businesses had the longest rate of 40.7 percent, followe

The South Korean government on Thursday continued to reassure on the economy’s stability despite escalating security tensions on the Korean Peninsula, as pundits also raised caution that the new level of risk may affect the markets.Deputy Prime Minister and Finance Minister Kim Dong-yeon on Thursday held a ministerial-level meeting to review and discuss the pending situation and economic policies in Seoul.“The persisting North Korea risk is touching off a bit of concerns, but Korea&r

South Korean stocks ended slightly higher Thursday as investors bought large-cap stocks on expectations of solid fourth quarter earnings, ending a seven-session losing streak. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index gained 0.57 points, or 0.02 percent, to 2,373.14.Lee Kyung-min, an analyst at Daishin Securities, said investors purchased large-cap stocks in auto, tech and chemical sectors in anticipation of their strong earnings in the July-Septem

South Korea will take market-stabilizing measures if the country's foreign exchange becomes more exposed to volatility due to an external shock, a senior finance ministry official said Thursday."Foreign exchange rates will be decided autonomously by the market," Deputy Finance Minister Hwang Kun-il said at a symposium in Seoul. "But the government will take action if the rates experience a wide fluctuation in line with standing procedures." He said the government will be

South Korea's national tax office said Thursday its chief is attending a meeting of top tax officials from leading industrialized economies on tackling offshore tax evasion.Han Seung-hee, commissioner of the National Tax Service, is now in Oslo to participate in the 11th meeting of tax chiefs from the Organization for Economic Cooperation and Development that kicked off in the Norwegian capital Wednesday for a three-day run.The conference brings together the top tax officials from 35 OECD member

North Korea's successful build-up of its missile and nuclear capability is expected to exert greater impact on South Korea's financial market going forward, a report showed Thursday.A monthly report published by the state-run Korea Development Institute said that uncertainties have accelerated in the Northeast Asian region and the risks have advanced to a more dangerous level as Pyongyang is almost reaching the final stage of testing a nuclear-tipped intercontinental ballistic missile. It n

WASHINGTON -- South Korea's trade minister said Wednesday he believes the United States should yield more in talks over their free trade agreement in the face of North Korea's nuclear threat.In a meeting with reporters in Washington, Kim Hyun-chong said the current military tensions with Pyongyang should strengthen, not weaken, Seoul's hand in negotiations over a possible amendment to the agreement known as KORUS."When there is a national security issue, shouldn't the US make more concessio

South Korean stocks extended losses late Thursday morning on increased selling by foreigners amid heightened tensions between North Korea and the United States.The benchmark Korea Composite Stock Price Index fell 4.67 points, or 0.20 percent, to 2,367.58 as of 11:20 a.m.The main index continued to fall for the eighth consecutive session mainly on foreign selling. Foreigners dumped more than 1 trillion won ($876 million) worth of stocks in the past seven sessions due mainly to the North Korea ris

South Korean manufacturers' business sentiments are expected to worsen in the fourth quarter due mainly to growing North Korea risks, a survey showed Thursday. The business sentiment index, compiled by the Korea Chamber of Commerce and Industry, stood at 85 in the October-December period, down from 94 tallied in the third quarter, maintaining its bearish run for years. The BSI has been under the benchmark 100 point for the past 13 consecutive quarters. The last time the BSI measured above 1

Institutional investors have tended to become net sellers of South Korean stocks ahead of the annual Chuseok holiday over the past five years with foreigners turning net buyers, data showed Thursday.According to the data from the Korea Exchange, institutions were net sellers of local stocks before the Chuseok holiday from 2012-16 except for 2015.Their net selling amounted to 829 billion won ($724 million) last year, while institutional investors' net buying stood at 369 billion won two year ago.